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Obama Still Pushing Tax Hikes To Deal With Budget

President Obama Discusses FY2011 Budget
(Photo by Mark Wilson/Getty Images)

Speaking Monday at the National Council of LaRaza, President Obama reiterated his plan to “solve” the budget crisis by pushing for corporations and  wealthy Americans to pay higher taxes. 

As the supposed August 2 default date looms (mixed reports on whether the US will actually default) Obama says the wealthy and big corporations have to “pay their fair share.”   He also alluded to the difficulty in getting a deal done saying compromise has become a dirty word.   According to 2006 data, the wealthiest Americans (top 5 percent of wage earners) pay 60% of ALL taxes taken in by the government.  These are individuals who make over 153,500 a year.   40% of ALL Taxes are paid by the wealthiest 5% of Americans.  Perhaps Obama does not realize that his idea of sharing the burden or paying their fair share should include  the 50% of taxpayers who make under 32k a year, who pay only 3% of ALL taxes taken in by the Federal Government.

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